State-run manganese ore producer MOIL has
evinced interest in picking up a stake in Maravilloso Mines in Peru owned by Melrose
Mines and Minerals. “MOIL has shown interest in picking up a participating
interest in Maravilloso Mines in Peru. It has four manganese ore concessions
with a proven reserve of 2.95 million tonnes,” a source told PTI.
Melrose is a diversified mining firm having operating and
developing iron ore and manganese mines with reserves of over 400 million
tonnes and 30 million tonnes respectively.
However, MOIL Chairman and Managing Director S P Kundargi
said,”Talks are on but nothing concrete has taken shape yet.”
Meanwhile, Melrose Managing Director Vijay Saxena has in a letter to MOIL
wrote, “As per geological report, the outcrop alone is 2.95 MT of high
grade manganese that can be offered to MOIL immediately after the signing of
the MoU under a mutually agreed price/cost mechanism.”
Saxena said Melrose Peru has already incurred significant
expenditure towards promotion of four valuable manganese concessions and to
reach to the present stage of development of mines.
“Stage is now ripe to offer a participating interest in
the manganese ore mine based on physical availability of 2.95 million tonne
outcrop in hand,” he said. Saxena added the actual reserves in the four
concessions could be more and could be gathered following drilling and due
diligence by an acceptable company of international repute to be engaged by
MOIL.
Melrose has also asked MOIL to work on a draft memorandum of
understanding (MoU) outlining respective responsibilities with given
time-frame.
Sourced
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